Binance buys $100 million stake in Circle, expands partnership
Circle expanded its USDC partnership with Binance and launched Bitcoin-backed borrowing for institutions, with 1.24 million shares sold in the private placement.
- Circle launched Digital Asset-Backed Borrowing for institutional clients on Monday, allowing eligible customers to deposit Bitcoin and mint cirBTC to borrow USDC through third-party lending markets on Arc or Ethereum.
- The service follows Circle's Arc mainnet public launch on September 16, where the protocol operates a USDC market using cirBTC as collateral with an 86% liquidation loan-to-value threshold.
- Separately, Binance purchased a $100 million stake in Circle, acquiring roughly 1.24 million shares at $80.84 per share in an unregistered private placement that closed on September 17.
- The investment accompanies a five-year commercial agreement replacing prior deals, under which Circle pays Binance monthly incentive fees to promote USDC adoption across the exchange's platform.
- These moves expand distribution of USDC, a dollar-pegged stablecoin with a market capitalization of nearly $75 billion, as Circle continues building institutional payment infrastructure and global partnerships.
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57 Articles
Binance invests $100 million in Circle, signs five-year USDC deal
Circle Internet Group and Binance have formed a five-year partnership, with Binance investing $100 million in Circle. This deal aims to expand USDC usage, which has around $75 billion in circulation, enhancing its role in payments and institutional finance.
Binance invests $100 million in Circle in major push to expand USDC globally - Tech Startups
Binance is investing $100 million in Circle under a new five-year agreement that could put USDC in front of one of the world’s largest crypto audiences, giving Circle a major distribution boost as it tries to close the gap with […] The post Binance invests $100 million in Circle in major push to expand USDC globally first appeared on Tech Startups.
Circle Stock Gains as Binance Invests $100M, Expands USDC Deal
Circle Internet Group (NYSE: CRCL) shares gained 2.76% in pre-market trading Tuesday after Binance disclosed a $100 million investment in the stablecoin issuer and expanded a commercial agreement covering USDC use across the crypto exchange’s platform. The move extended Monday’s 2.95% advance in Circle stock, when CRCL closed at $94.49.Visit Website
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